Residential plots floor area norms raised in Delhi
Floor area ratio (FAR) norms have been increased for residential plots in Delhi by ministry of Urban development. In technical terms, Floor area ratio can be defined as the total floor area of the building to the area of the land on which this construction has been done.
An expected move
This move by the ministry has not surprised people. The same was due as elections are to be held in coming months in Delhi. Builders will be particularly benefitted by this move as those who are thinking of redeveloping old plots stand to benefit from this notification of the ministry.
FAR is set to be hiked from 150 percent presently to 200 percent for plots having an area in the range of 750-1,000 sq mts. Plots above 1,000 sq mts will see a hike in FAR from 120 to 200 percent.
The proposal to this effect was proposed by Urban Development ministry and M Venkaiah Naidu; the UD minister approved it on November 24th.
Industry Reactions
The real estate industry has welcomed the move made by Urban Development ministry. The Director of Ashiana Group, Rohit Raj Modi has pointed out that the increase in FAR will help developers match the gaps in demand and supply.
However, certain clarifications are required and industry analysts feel that the move would be truly beneficial only if FAR comes along with increase in density, height and the number of units.
Political Fallout
However, this move initiated by Delhi Development Authority would not come without its share of political controversies. Last year, Sheila Dixit, the then Chief Minister of Delhi had observed that the city was in dire need of high rise buildings, but she never voiced her opinion in favour of the same. She had observed that she would not allow more of these structures in Delhi.
However, the political scenario has changed now and with elections due in coming months, all political parties would like to take mileage out of this decision. The ruling party in the centre has initiated the move and it is for others to catch up now.
Reference:
Newsnow
FAR Norms, Floor Area Ratio, M Venkaiah Naidu, Ministry of urban development, Plots for sale in Delhi-NCR, residential plots in delhi, Urban development ministry
